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ECON 1710 (SECT2) PROFIT : THE ISLAMIC PERSPECTIVES


ECON 1710 : PROFIT MAXIMIZATION IN ISLAMIC PERSPECTIVE



Profit Maximization in Islamic Perspective and Comparison with Secular Perspective



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Article Review: Conventional Bank Interest and the Murabahah (cost-plus-profit) Contract in Islamic Finance: Two sides of a Coin or two Coins of different Sides?

By  Abdullahi Saliu Ishola & Isa Olawale Solahudeen  Murabahah is commonly used for financing the purchase of raw materials, machinery, equipment, and consumer durables. Because of the trust involved in the transaction and the aspiration of people that Murabahah is able to meet, it has been widely used and customers of Islamic banks all over the world have been making a preferred choice over other contracts. Murabahah contract is legal in accordance to the Shariah law and it had been practised by the early generations of Muslims. However, in the modern days, there are criticism and condemnation of some contemporary jurists. One of the argument is that Murabahah is too close to bank interest (Riba), or even the same as bank interest, but just called or being ‘legalised’ with other name or brand. “Murabahah may be defined as a sale in which the margin of profit is mutually agreed upon between the buyer and the seller. The payment of sale price, inclusive of the agreed...
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Article Review: Riba and Islamic banking

by Ahmad, A. U. F., & Hassan, M. K. The responsibility of a Muslim towards another Muslim are many, including to learn about Islamic transaction when they are dealing with business trade, finance and buying and selling transaction. This kind of knowledge will avoid them from being trapped/involved with riba transaction and other prohibited elements in Islam             Riba is derived from an Arabic word ‘raba’ that literally means ‘to grow’ or ‘expand’ or ‘increase’. Technically, riba could be defined as ‘premium’ that must be paid by the borrower to the lender along with the principal as a condition for a loan or for an extension in its maturity. Riba has been classified into two categories according to the transaction which give rise to riba: Riba al-nasiah (delayed payment interest) which involves lending and borrowing, Riba al-fadhl (increase interest) which involves buying and selling.      ...
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How does Islam view profit maximization?

Islamic teaching generally approves lawful earnings and profit levels which do not lead to exploitation. Thus, profit maximization is accepted in Islam with certain conditions. The article of ‘Islamic Perspectives on Profit Maximization’ discussed the Islamic prescriptions on profit maximization into two major discussions;                     i.             Islamic Ethics and Business Conduct Businesses should prioritize ethical value and conduct in earning profits. Thus it is expected for the business to apply and create an ethical environment in the business by referring to Islamic ethics. Four foundations of Islamic ethics [1] is emphasized is ihsan, relationship with others, equity, and accountability. Ihsan means goodness and generosity in business activities or management. Ihsan also includes the values of mercy, justice, forg...
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